99 +/- ACRES - TOWN OF FINCASTLE | 680 +/- ACRES - BOTETOURT COUNTY 

This auction will be held April 28th at 12p at the Daleville Town Center | 150 Shenandoah Ave, Daleville, VA | Previews will be held every Saturday in April (1st, 8th,15th, 22nd) | Additional previews (weekdays & Sundays) will be by appointment only 

AUCTION TERMS AND CONDITIONS

General Terms and Conditions of the Auction:

1. Deposit: The successful bidder will be required to sign a Memorandum of Sale, immediately following the end of the Auction. At the conclusion of the sale, a Deposit in the amount of ten percent (10%) of the successful high bid, in the form of a cashier’s check or cash, will be delivered to the Substitute Trustee. The Deposit will be applied to the contract sales price at closing. The deposit is non-refundable unless the Substitute Trustee is unable to convey the property. Closings to take place within 45 days of sale. Time is of the Essence.
2. Buyer’s Premium:  There will be a 5% buyer’s premium in effect on the day of the sale. The buyer’s premium will be added to the final bid amount to determine the contract sales price. Example: final bid amount of $100,000 x 5% = $5,000.  $100,000 + $5,000 = $105,000 “Purchase Price”.
3. “AS-IS,” “WHERE-IS”: The property is being sold “AS-IS,” “WHERE-IS”.  Potential Buyers must perform such independent investigations with respect to the property(ies) on which they plan to bid as they deem necessary to verify information provided by Auction Company or the Seller.
4. Advertisements: All information provided by Auction Company and the Seller is deemed reliable but is not warranted. The information contained in this brochure and any advertisements, i.e., aerial photographs, property lines, property descriptions, by Auction Company are subject to verification by all parties relying on it.  No liability for its accuracy, error or omission is assumed by the Auction Company or the Seller.
5. Representation: Auction Company and its representatives represent the Seller.
6. Deed: The properties will be conveyed by Special Warranty Deeds.
7. Bidding:  All Bidding is open to the public without regard to race, color, sex, religion, or national origin. All Bidders are required to have a Bidder's Number and provide proof of possession of a cashier’s check or cash for their respective deposit in order to bid. To obtain a Bidder's Number, you must be registered. As used in these conditions of sale the term "the final bid" means the highest bid acknowledged by the Trustee and Auctioneer, and the term "Purchase Price" means the sum of the Final Bid plus the Buyer’s Premium. The highest bidder acknowledged by the Trustee and Auctioneer shall be the buyer. The Trustee has the right to reject any bid which, in his opinion, is not commensurate with the value of the property being offered. The Trustee and Auctioneer may advance the bidding at their absolute discretion and, in the event of any dispute between bidders, may determine the successful bidder or re-offer and resell the property in dispute. Auctioneer reserves the right to set bid increments.  Should there be any dispute after the sale, the record of final sale shall be conclusive. Lender reserves the right to bid.
8. Closing Costs: The Deed shall be prepared and acknowledged by Seller at Seller’s expense and recorded at the expense of Buyer, including the Grantor’s Tax which will be paid by the Buyer. The Buyer shall pay all title searches, title insurance charges, survey expenses, usual conveyance expenses, and recordation taxes. Real estate taxes, water and sewer charges, if any, will be prorated as of the date of sale. 
9. Financing: Sale of the property may not be contingent upon the Buyer obtaining financing. 
10. Inspection: All property is sold "As Is, With All Faults.”  Description and other information are provided as a service to bidders only and do not constitute a representation or warranty, either expressed or implied. No liability for the accuracy of descriptions and other information regarding any matters, including zoning, concept plans, surveys, plats, engineered drawings, easements, easement locations, aerial photographed property lines, flagged property lines, linear footage of river frontage, is assumed by the Auction Company or the Seller. Trustee and Auctioneer disclaim all responsibility for physical condition. All buyers are responsible for prior inspection of properties on which they intend to bid, and by bidding are deemed to have so inspected the property.  Auctioneer and Trustee are not responsible for delivering possession of a property, which is solely the responsibility of Buyer.
11. Disclaimer: All bidders shall sign disclaimer prior to receiving a bidder number.

CASTING A BID FOR THE PROPERTY CONSTITUTES ACCEPTANCE OF ALL OF THE FOREGOING TERMS AND CONDITIONS, INCLUDING ANNOUNCEMENTS AT THE SALE AND THE TERMS OF THE MEMORANDUM OF SALE WHICH, IF INCONSISTENT WITH ANY TERMS CONTAINED HEREIN, SHALL GOVERN.

Bidder:

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Full Name (Printed)

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Signature